Brodo Gets Series A Funding from Sembrani Nusantara Venture Fund and GDP Venture

BRI Ventures (BVI) through its newest managed fund Nusantara Sembrani announced that it has engaged in series A funding for local shoe development startup Brodo. In this round, GDP Venture is also involved as an investor. No mention of the amount given.

Previously, in the early stages, Brodo received investments from 500 Startups, Cento Ventures, Chris Angkasa, and Innovation Partners. Since its founding in 2010 by Yukka Harlanda and Putera Dwi Karunia, the Brodo brand has gained product-market fit through hundreds of products launched. Even the sales supported by online and offline, utilizing digital channels for various promotional activities.

This additional capital will be used by Brodo to expand its business. One of them is improving the digital marketing platform that has been developed, called Can Be Tried Digital (BDD). As is known, the platform has now become a service "cloud marketing" which has been used by several brand such as Eiger, CottonInk, Kick Avenue, Rata.id, etc.

"Look for businesses one vision and mission is not easy [...] we hope this (investment) can be a revival momentum for brand Local MSMEs, especially in challenging moments like now, because we always and must believe that behind a crisis there will be an opportunity," said Yukka as Co-Founder & CEO of Brodo.

He also said, in addition to sharpening their marketing tools, Broth will invest in product innovation and supply chain in the shoe industry supported by SMEs.

Meanwhile, BVI CEO Nicko Widjaja said, "Brodo's understanding of the segments they serve as well as their ambition to support other MSMEs in advancing together through the utilization of the BDD digital platform is something we really appreciate [...] I personally see it as the most important component in Brodo's business in the future, as AWS has become cloud computing platform for startups that is also part of Amazon."

Invest in new economy

The Sembrani Nusantara Venture Fund has previously been anchored to brand local drink Haus!. Through the series A round, the startup received an investment of 30 billion Rupiah. Of course, this news is a breath of fresh air for non-digital startups in Indonesia; This is because venture capitalists have begun to allocate special funds to invest in this segment.

New economy We define ourselves as a start-up business with non-technology or non-digital products. They are potential businesses from millions of MSME players spread across Indonesia. With the strengthening of resources, it is believed that they can achieve exponential growth, not least with the help of a technological approach – for example from the operational, marketing, to expansion side.

For BVI, one of its missions is to strengthen BRI's MSME ecosystem as the largest microfinance institution in the world (the most important being to establish and assist MSMEs). Their hypothesis is called EARTH (Education, Agriculture, Retail, Transportation, Healthcare). As for Thirsty! and Brodo into the retail category.

From monitoring DailySocial, other local venture capitalists have also begun to allocate funds for non-digital startups. Some of them are East Ventures, Alpha JWC Ventures, Intudo Ventures, Taja Ventures, Salt Ventures etc..

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Disclosure: DailySocial.id is also a GDP Venture portfolio